Captain Fresh expanding its offerings with purchase of Spain tuna giant Frime
India-based seafood marketplace Captain Fresh has reached an agreement to purchase 100 percent of Barcelona, Spain-based tuna company Frime.
Frime, founded in 1937, specializes in yellowfin tuna products imported from around the world. The company operates several factories in Barcelona processing tuna into different products with a specialization in loins and slices, Frime President Salvador Ramon told SeafoodSource during the 2024 Seafood Expo Global.
El Economista reported the company has a turnover of EUR 180 million (USD 211 million) and produces 15,000 metric tons (MT) of tuna each year from its facilities.
Antarctica Advisors Managing Partner Ignacio Kleiman told SeafoodSource his firm was the exclusive sell side adviser to Frime and that the company was looking to capitalize on its recent post-Covid success and continue its expansion trajectory.
“The company went through a very strong growth phase,” Kleiman said. “Essentially, they realized there was a good opportunity to join a stronger group because these days, larger is better – particularly because they wanted to expand further outside Spain.”
Captain Fresh’s acquisition of Frime gives it an avenue into the tuna market, and in turn, Frime can capitalize on the market access Captain Fresh has built in the U.S.
Kleiman said Captain Fresh found like-minded management when it met with Frime. Frime’s management has focused on new technology and modern processing equipment and runs one of the most advanced tuna-processing facilities in the world in Barcelona.
“They [Captain Fresh] met the people at Frime, and they were extremely impressed by the company’s culture; both shareholders and managers are very progressive and outward looking,” Kleiman said.
Ramon told SeafoodSource in 2024 that he was aiming to put lots of money into new technology, including a “white room” that allowed it to be a provider of raw tuna products.
“We have a lab in the room [where] we can analyze something like 100 samples of histamines every 20 minutes. That means we have very high quality controls,” he said at the time. “We can guarantee to the final customer that you can eat this raw. That is a big innovation.”
Kleiman said the acquisition is 100 percent from an economic point of view, but Frime will remain a relatively independent entity.
“All of the management is staying put because they’re going to integrate with Captain Fresh’s operations all over the world, and the majority shareholder is staying put as well because he believes in the project and likes the Captain Fresh people,” Kleiman said. “The deal is struck, and it is now in antitrust approvals in Spain, which we expect will happen shortly.”
The move to acquire Frime follows other acquisitions Captain Fresh has made in the seafood space.
It acquired Central Seaway Company (CenSea) in early 2024, giving it access to one of the largest shrimp importers in the U.S. It later acquired Polish salmon smoker Koral in July 2024, making its first foray into the salmon market.
SOURCE: seafoodsource.com
